Regulators and Barclays fine CEO £1.1m for trying to expose whistle-blower
London — British regulators and Barclays have fined the bank’s CEO Jes Staley a combined £1.1m after he tried to identify a whistle-blower who sent letters criticising an employee of the bank. The Financial Conduct Authority (FCA) and the Bank of England’s Prudential Regulation Authority said on Friday that they had, together, fined Staley £642,000. This included a 30% discount for him agreeing to settle at an early stage. Barclays imposed a £500,000 cut to his 2016 pay. The regulatory fine is the first ever such penalty for the sitting CEO of a major bank in Britain, and cast a pall over Staley’s efforts to show the bank has improved its culture since the freewheeling days of before the 2007-08 financial crisis. "Mr Staley’s actions fell short of the standard of due skill, care and diligence expected of a CEO in a regulated firm," the FCA said. Regulators said the fine was only 10% of his overall pay package. Staley, an American and former JPMorgan banker who took the helm at Barcl...
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